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Bill 4567

                    Current Status

Bill Number:                      4567
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20000208
Primary Sponsor:                  Harrison
All Sponsors:                     Harrison
Drafted Document Number:          l:\council\bills\bbm\9160htc00.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Date of Last Amendment:           20000412
Subject:                          Political Subdivisions, investments of; 
                                  principal payment at end of contract, Bonds or 
                                  Notes, Banks


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20000418  Introduced, read first time,           06 SF
                  referred to Committee
House   20000413  Read third time, sent to Senate
House   20000412  Amended, read second time
House   20000406  Committee report: Favorable with       30 HWM
                  amendment
House   20000208  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill
Revised on April 6, 2000 - Word format
Revised on April 12, 2000 - Word format

AMENDED

April 12, 2000

H. 4567

S. Printed 4/12/00--H.

Read the first time February 8, 2000.

TO AMEND SECTION 6-5-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTHORIZED INVESTMENTS FOR THE MONEY OF POLITICAL SUBDIVISIONS OF THE STATE, SO AS TO AUTHORIZE PRINCIPAL PROTECTED INVESTMENTS IN THE FORM OF NOTES, BONDS, GUARANTEED INVESTMENT CONTRACTS, DEBENTURES, OR OTHER CONTRACTS WHICH PROVIDE FOR FULL PRINCIPAL PAYMENT AT THE END OF A CONTRACT TERM NOT TO EXCEED TWELVE YEARS ISSUED BY BANKS CHARTERED IN THE UNITED STATES OR THEIR AGENCIES, OTHER FINANCIAL INSTITUTIONS, INSURANCE COMPANIES, OR OTHER ENTITIES HAVING RECEIVED A CREDIT RATING IN ONE OF THE THREE HIGHEST GENERAL RATING CATEGORIES OF SUCH RATINGS BY NO FEWER THAN TWO NATIONALLY RECOGNIZED CREDIT RATING ORGANIZATIONS.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 6-5-10(a) of the 1976 Code, as last amended by Act 326 of 1990, is further amended by adding one new item at the end to read:

"(7) A public hospital that is a political subdivision may invest in principal protected investments in the form of notes, bonds, guaranteed investment contracts, debentures, or other contracts issued by a bank chartered in the United States or agency of a bank if chartered in the United States, financial institutions, insurance company, or other entity which provides for full principal payment at the end of a contract term not to exceed twelve years if the issuer has received a rating in one of three highest general rating categories issued by no fewer than two nationally recognized credit rating organizations. Revenue realized pursuant to these investments must be expended on health care services."

SECTION 2. This act takes effect upon approval by the Governor.

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